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PV Drilling sets 2010 deadline for Singapore listing
PetroVietnam Drilling and Well Services Joint Stock Co. (PVD) will list on the Singapore Stock Exchange by n ext year, according to the general director’s assistant Ho Thi Thai Hoa.
PV Drilling’s first-half revenue is estimated at VND1.8 trillion (US$102 million) and after-tax profit at VND500 billion ($28 million), which far exceeds the Singapore exchange’s required minimum of $7.5 million.
First-quarter net profit was up 23.8 percent year-on-year to VND291 billion ($16 million), or VND2,177 per share, on the back of VND995 billion in revenue, up 29.8 percent.
To boost its core business, the company is in the process of acquiring the unlisted PetroVietnam Drilling Investment Corp. (PVDI), whose capital stock exceeds VND1 trillion ($56.2 million).
The acquisition will give it two oil rigs, currently under production, to add to the one it already owns.
The new rigs, known as PV Drilling II and III, will be ready to pump oil at the end of 2009.
PVD will issue 25.7 million shares for PVDI’s existing shareholders and raise its registered capital to VND1.57 trillion.
Shareholders of PVDI will be able to convert their holdings at the rate of 55 PVDI per 10 PVD shares.
If the shareholders give their approval, a tender-assisted drilling rig will be added to the company’s assets later in the year.
PV Drilling, founded in 2001, is part of the PetroVietnam Group and the third-biggest company by market capitalization on the Ho Chi Minh Stock Exchange.
Back in that first year, leasing out its sole oil rig accounted for one third of PV Drilling’s revenue.
Besides PVD, the stock market’s rally this year has prompted several listed companies to revive their plans for listing abroad.
They include Saigon Thuong Tin Commercial Joint Stock Bank (STB), software developer FPT, Vinamilk (VNM) and confectionery maker Kinh Do Group (KDC).
The VN-Index of the Ho Chi Minh Stock Exchange is up 51.6 percent this year to bring it nearly back to the level of late August 2008.
Tai Viet
thanhnien
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